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VenGrowth Announces Formation of Special Committee

TORONTO, ONTARIO--(Marketwire - Jan. 11, 2011) - The Board of Directors of the VenGrowth Funds announced today that its five retail venture capital funds (The VenGrowth Investment Fund Inc., The VenGrowth II Investment Fund Inc., The VenGrowth III Investment Fund Inc, The VenGrowth Advanced Life Sciences Fund Inc., and The VenGrowth Traditional Industries Fund Inc. (collectively the "VenGrowth Funds" or "Funds"), have formed a Special Committee that will lead a strategic review process in order to arrive at a transaction that will result in the benefits of liquidity options for shareholders, enhanced ability to provide follow-on financing to portfolio companies, and lower management expense ratios.

The Special Committee is comprised of the independent board members and includes John Kingston, Gene Szabo, Merdon Hosking and Catherine Wade. The Special Committee will retain an independent financial advisor to assist in its analysis and deliberations of options.

To date, the Funds have received three expressions of interest including GrowthWorks' non-binding proposal.